Profile picture for rlgreenberg2000

Why is 1003 Hawthorne Dr Lafayette CA 94549 still for sale? It seems like such a great deal.

  • November 23 2009 - Lafayette
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Answers (5)

Profile picture for Pacita Dimacali
Update:

This bank-owned property is now pending as of Dec. 5, and is expected to close escrow Dec 31.

Property has foundation problems. Because the listing instructions say that this is an all cash only sale, the cash buyer was smart NOT to waive his right to do his own inspections and to get his own estimates for repairs.
  • December 23 2009
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Profile picture for abrasive
The only houses that I have seen in this category, i.e. priced well below market in a highly desireable area, had major flaws that required major work just to be liveable.  Many buyers now do not have $50k or $100k cash to put into repairs (much less 20% down) so the pool of potential buyers with both the resources and inclination to deal with these issues is quite small.  Hence the price.
  • November 26 2009
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Apparently this place has approximately $150k worth of foundation issues that need to be addressed.  Consequently, no lender has been willing to lend on the property until the work is completed.

- Brian
  • November 25 2009
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Profile picture for rlgreenberg2000
Why does it really matter to them? It seems that they will get their money either way. what is the advantage for them?
  • November 24 2009
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Hi - based on some remarks the listing agent has placed in the MLS for this listing, they are looking for a cash only offer.  I haven't seen this house yet in person, but I think it's a safe bet the cash-only requirement is one of the main reasons for extending this house's time on market.

Hope that helps,
- Brian
  • November 23 2009
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